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1048 Report of Special Study of Securities !V~Arkets

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1048 Report of Special Study of Securities !V~Arkets 1048 REPORT OF SPECIAL STUDY OF SECURITIES !V~ARKETS TABLE VIII-29.--Size of large block, purchases and sales of stock,s by selected institutions (by size of block and type of institution, 1961) [Median value per block in thousands of dollars] Open-end investment College All insti- Pension Life Nonlife companies Closed-end endow- Founda- CoIilxnon Size of block tutions funds insurance ihsura~ce investment ment tions trust companies companies! companies funds funds Load No load purchases ......................................... 410 183 1, 000 621 1,324 614 473 378 504 $1,000,000 and over ........................... 1, 658 1, 172 1, 500 1, 500 2, 590 (~) 1,333 1,666 1,153......... Less than $1,000,000 .......................... 270 165 556 594 587 548 406 331 370 Listed stocks purchased primarily on exchanges.. 5O3 236 817 621 2, 429 771 658 437 478 $1,000,000 and over ........................... 1,807 1,221 1,400 2, 996 1,333 1, 048 1,160 ........... Less than $1,000,000 .......................... 347 175 698 616 776 630 379 366 242 Listed stocks purchased primarily over the counter ......................................... 311 198 794 ~93 1, 128 (~) 577 397 501 $1,000,000 and over ........................... 1, 605 1, 079 1, 537 3, 215 0) O) Less than $1,000,000 .......................... 257 180 282 772 (9 411 237 478 Unlisted stocks purchased over the counter ....... 384 161 1, 000 627 1, 127 257 421 262 685 $1,000,000 and over ........................... 1, 600 1,500 l, 260 1, 600 (9 O) Less than $1,000,000 .......................... 246 152 567 568 257 401 246 £11 sales .............................................. 402 262 538 621 1,098 464 887 377 558 $1,000,000 and over ........................... 1,960 1,738 2, 549 l, 624 2,381 1,457 1,472 1,633 ........... Less than $1,000,000 .......................... 295 229 453 453 426 571 340 442 1 Listed stocks sold primarily on exchmages ........ 558 310 692 737 2,122 590 1,094 546 668 2~ $1,000,000 and over ........................... 2,122 1, 304 2, 549 I, 239 2, 892 1,457 2,190 1,633 ........... Less than $I,000,000 .......................... 276 506 646 564 571 453 295 2~ Listed stocks sold primarily over the counter 380 164 619 330 1,005 (’) (t) 183 (1) $1,000,000 and over ........................... 1,853 (’) (’) 2, 375 Less than $1,6O0,6O0.......................... 229 161 477 330 499 (,) (,) 183 (,) lC Unlisted stocks sold over the counter ............. 324 262 324 659 825 226 483 371 443 1~ $1,000,000 and over ........................... 1,950 (~) 4, 535 1,699 ......................... 1,251 ........................ Less than $1,6O0,6O0.......................... 26O 260 361 399 226 483 272 443 16 Insufficient number of items for a representative median. 1050 REPORT OF SPECIAL STUDY OF SECURITIES MARKETS 3 3 3 3 o ]052 REPORT OF SPECIAL STUDY OF SECURITIES MARKETS REPORT OF SPECIAL STUDY OF SECURITIES 1VIARKETS 1053 1054 REPORT OF SPECIAL STUDY OF SECURITIES I~ARKETS TABLE VIII-35.--Average size of transactions effected in new stock issues by selected institutions (by type of stock and type of institution, 1961) Open-endinvestment All , Pension Life Nonlife companies Closed-end College Common Type of stock and transaction institutions funds insurance insurance investment endowmentFoundations trust funds companies companies companies funds Load No load Preferred stock: Purchases in original offering: Number of shares: Median .................................. 100 5O 100 100 100 ............ 50 I00 2,500 ............ Mean.................................... 845 111 1, 131 209 3, 475............ 52 292 2, 560 ............ Dollar amount: Median .................................. 10, 000 2. 602 I0,000 7, 560 5, 200 ............ 5, 000 5, 200 250, 0~0 ............ Mean.................................... 49, 729 5, 782 56, 486 14, 612 344, 554 ............ 5, 250 17, 339 250, 600 ............ Purchases after original offering: N1~mberof shares: Median .................................. 1,000 500 I,000 200 ............ 5,000 Mean .................................... 913 ............ 933 87O 258 ............ 5, 000 Dollar amount: Median .................................. 50, 187 ............ 50,625 100, 3Y5 20, 688 ............ 525, 000 Mean.................................... 92, 688 ............ 89, 504 87, 300 26, 717 ............ 525, 600 Sales after original offering: Number of shares: Median .................................. 250 ............ ! ...................................... Mean.................................... 210 ............................................................... 210 ...................................... Dollar amount: Median .................................. 26, 688 ............................................................... 26, 688 Mean.................................... 22, 415 ................................................................ 22,415 :::::::::::::::::::::::::::::::::::::: Common stock: Purchases in original offering: Numberof shares: Median .................................. 63 5O 160 50 160 650 1oo............ Mean.................................... 353 270 ............ 367 322 214 287 1, O40 906 ............ Dollar amount: Median .................................. 1,800 1, 925 ............ 1, 500 1, i,400 2, 600 16, 400 Mean .................................... 7, 372 5, 686 ............ 6, 371 7, 214 3,871 6, 660 64, 534 23, 544 ............ Purchases after original offering: Number of shares: Median .................................. 560 500 ............ 50O 530 5 400 ............ 300 ............ Mean .................................... 794 1,160 ............ 0~5 744 5 693 ............ 418 ............ Dollar amount: Median .................................. 18, 7~0 23, 218............ 22, 583 21,060 149 12, 437 ............ s, 187 ............ Mean.................................... 25, 950 36, 6‘56 ............ 33, 372 26, 881 149 19,049 ............ 12, 306 ............ Sales after original offering: Numberof shares: Median .................................. 2OO 100 ............ 4O5 400 300 Mean .................................... 375 393 ............ 482 376 274 Dollar amount: Median .................................. 7, 800 4, 135 ............ 15, 622 9, 0,50 8, 223 Mean.................................... 12, 681 14, 644 ............ 14,411 11,357 9, ‘569 No~.--See text for definition of"new issues." Figures in this table are based on data in table VIII-34. TABLE VIII-36.--Comparison of new stock issue purchases in original offering with purchases of the same issues after the original offering by the same institutions (by type of stock and type of institution, 1961) 0pen-end investment Life in- Nonlife companies Closed-end College Common Type of stock and transaction Total Pension surance insurance .. investment endowment Founda- trust funds funds companies companies companies funds tions Load No load Preferred stock: Numberof funds ................................. ,3 2 1 Purchases in original offering: Numberof shares ............................. 104, 890 104, 440 450 Dollar amount ............................... 2, 985, 000 2, 940, 000 45, 000 Purchases after original offering: Numberof shares ............................. 2, 250 760 1,550 Dollar amount ............................... 215, 925 55, 625 150, 300 Ratio of average price of post offering pur- chases to average offering price (percent) i.. 102. $ 10L1 ................................................... 103. 4 Commonstock: Numberof funds ................................. 10 2 4 Purchases in original offering: Numberof shares............................. 65, 625 11, 205 ............ 15,285 17,045 13, 940 ............ 8, 150 ............ Dollar amount ............................... 1, 702, 762 336, 712 ............ 435,748 382,325 336, 077 ............ 211, 900 : ............ Purchases after original offering: Numberof shares ............................. 262, 925 40, 605 ............ 4~ 855 110,055 58, 060 ............ 8, 350 ............ Dollar amount ............................... 9, 259, 736 1, 474, 551 ............ 1, 713,401 3,978,402 1,847, 268 ............ 246, 114 ............ Ratio of average price of post offering pur- chases to averago offering price (percent) i.. 133.1 127. 6 ............ 134.7 149.0 112.6 ............ 113.4 ............ 1 The ratio of the cost of the securities purchased after the offering to the cost if the NOTE.--Seetext for definition of "new issues." equivalent securities had been purchased at the original offering price. TABLE VIII-37.--Comparison of new stock issue purchases with later sales of the same issues by the same institutions (by type of stock and type of institution, 1961) Open-endinvestment Life in- Nonllfe companies Closed-end College Common Type of stock and transaction Total Pension surance insurance ~, , ’investmentendowment Founda- trust funds funds companies companies companies funds tions Load No load Preferred stock: Numberof funds ................................. 2 2 Purchasesin originaloffering: Numberof shares ............................ 630 630 Dollar amount ............................... 63, 000 63, 000 Purchases after original offering: Numberof shares ............................ Dollaramount ............................... Salesafter original offering: Numberof shares............................ 630 ................................................................ 630 ...................................... Dollaramount ............................... 67, 244...............................................................
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